Ever wonder how realtors come up with that magic number? Rather than waving wands covered in pixie dust, they opt for a much more strategic approach. Some of the factors realtors use to determine listing price includes location, age, condition, improvement and neighborhood. Additionally, Rieger Realty has compiled four more conditions to help you determine selling price.
1. Market Analysis
If you live in a neighborhood or housing edition, the homes were most likely designed by the same architect. Assuming they’re comparable in size, features and amenities, you should encounter an indisputable price range. Because you’re working with a set scope, you’ll need to evaluate how other homes have sold in the area. Click here to learn more about increasing your home value.
2. Square Footage
As we mentioned earlier, realtors take multiple factors into consideration when pricing a home. One misconception that appears often with homeowners is that price per square foot determines the list price. When in actuality, it’s necessary to know but only provides a starting place.
Another thing to consider is how your home is laid out in terms of square feet. How many bedrooms, bathrooms or garage spaces do you have? If you’re working with a lot of space, you might consider transforming extra rooms into bedrooms or entertainment areas.
4. Market Conditions
Because the housing market is constantly changing, it’s important to have a realtor that has in-depth knowledge of the area. They’ll be keenly aware of what’s going on in the market and can use these observations to guide you in a recommended listing price.
5. Homeowner Flexibility
The last thing you’ll need to consider when determining selling price is your own flexibility. How quickly are you trying to move? Are you open adding small upgrades or making necessary repairs? Weight your calculated selling price with how much you’d like to receive. Then, work closely with your realtor to make changes that would increase the value of your home.
The quicker you can get to a realistic price, the sooner you’ll be putting that “Sold” sign out in the front yard. If you’re selling a home and looking for an experienced realtor, our team here at Rieger Realty is highly knowledgeable of the area and is here to help.